The world of employee benefits is highly regulated and without competent compliance support, it’s easy for an employer or consultant to feel overwhelmed and out of control. Other third party administrators claim to be compliance experts, but are their responses accurate and timely? Do you have to submit your question via email and wait 2 days for a response?
The Group Dynamic Difference:
- Dedicated Account Managers who pick up the phone when they ring and typically respond to emailed questions within hours, not days.
- Compliance Counsel and a longstanding relationship with the employee benefits legal experts at Alston & Bird and keeps Group Dynamic staff members up to date on new regulations and the nuances of existing regulations.
- Full service at a self-service price.
Group Dynamic’s Compliance Services include the following options:
ERISA Wrap Documents
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that regulates certain employee benefit plans. Employers are at risk for significant penalties for failing to comply with the law’s various components. Group Dynamic’s ERISA Wrap Document & SPD service will ensure that your welfare benefit plan documentation meets ERISA’s extensive requirements.
- Don’t get caught believing that the documentation you received from your insurance carriers satisfies ERISA requirements or that your rights as the Plan Administrator are protected.
- Are you filing multiple IRS Form 5500s? Bundle your various welfare benefit plans together via our Wrap service to make your life easier!
Comprehensive Non-Discrimination Testing
All of Group Dynamic’s IRS Code Section 125 plans include basic non-discrimination testing. We added the comprehensive testing service for clients with more complex plan designs, as well as in preparation for the implementation of the requirement for fully-insured group health plans to comply with the nondiscrimination rules found in IRS Code Section 105(h).
Premium Only Plan (POP)
Do you offer your employees a choice between higher wages and health insurance coverage? Are you currently deducting health insurance premiums from employees’ pay before taxes? If you answered “yes” to either question, you are obligated to comply with IRS Code Section 125 regulations. Don’t worry – Group Dynamic’s POP service includes everything you need to be compliant. Our plan document and Summary Plan Description kit is updated as regulations change or when you make changes to your plan (at no additional cost). Our service also includes the Key Employee 25% Concentration non-discrimination test.